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Art Market

Why Are Art Resale Prices Plummeting?

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Source: Artnet news

The art press is filled with headlines about trophy works trading for huge sums: $195 million for an Andy Warhol, $110 million for a Jean-Michel Basquiat, $91 million for a Jeff Koons. In the popular imagination, pricy art just keeps climbing in value—up, up, and up. The truth is more complicated, as those in the industry know. Tastes change, and demand shifts. The reputations of artists rise and fall, as do their prices. Reselling art for profit is often quite difficult—it’s the exception rather than the norm. This is “the art market’s dirty secret,” Artnet senior reporter Katya Kazakina wrote last month in her weekly Art Detective column.

In her recent columns, Katya has been reporting on that very thorny topic, which has grown even thornier amid what appears to be a severe market correction. As one collector told her: “There’s a bit of a carnage in the market at the moment. Many things are not selling at all or selling for a fraction of what they used to.”

Read more: https://news.artnet.com/multimedia/why-are-art-resale-prices-plummeting-2471700

Art Market

Saturday Art Market opens May 25 at Big Ole Park

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Source: Echo Press

The Saturday Art Market is an exciting opportunity for locals and visitors to gather at Big Ole Park on the north end of Broadway in Alexandria every Saturday this summer.

Attendees will be able to visit with local artists and shop their offerings. Coffee and food items will be available near the market and there will be live music every weekend.

The Art Market, which is held next to Alexandria’s Farmer’s Market, runs every Saturday from 9 a.m. to 1:30 p.m., May 25 through Aug. 31. Music will run from 9:30 a.m.-12:30 p.m. each Saturday.

Read more: https://www.echopress.com/news/saturday-art-market-opens-may-25-at-big-ole-park

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Art Market

Art Market Seeks Its Footing After Stumbling Sales and a Hack at Christie’s

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Source: The New York Times

Estimates are still soaring past the $20 million mark and canvases still bear the signatures of dependable ringers like Warhol, Basquiat and Picasso. But there is a shadow looming over the spring auction season that begins Monday.

A cyberattack at Christie’s brought down the company’s website on Thursday, and as of Sunday morning, Christie’s had not yet regained control of it. On Sunday evening, in his first public statement since the cyberattack, Guillaume Cerutti, the chief executive of Christie’s, confirmed that eight auctions would proceed as scheduled, with bidding in person and by phone (the rare watches sale has been postponed until May 14). A place-holder website was set up allowing access to the digital catalogs, but did not allow online bidding. With the site down and questions still unanswered about the fate of confidential data, analysts are uncertain about the impact on buyers and sellers.

Read more: https://www.nytimes.com/2024/05/12/arts/design/will-auctions-revive-art-market.html

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Art Market

Art Market Seeks Its Footing After Stumbling Sales and a Hack at Christie’s

Published

on

Source: The Newyork Times

Estimates are still soaring past the $20 million mark and canvases still bear the signatures of dependable ringers like Warhol, Basquiat and Picasso. But there is a shadow looming over the spring auction season that begins Monday.

A cyberattack at Christie’s brought down the company’s website on Thursday, and as of Sunday morning, Christie’s had not yet regained control of it. On Sunday evening, in his first public statement since the cyberattack, Guillaume Cerutti, the chief executive of Christie’s, confirmed that eight auctions would proceed as scheduled, with bidding in person and by phone (the rare watches sale has been postponed until May 14). A place-holder website was set up allowing access to the digital catalogs, but did not allow online bidding. With the site down and questions still unanswered about the fate of confidential data, analysts are uncertain about the impact on buyers and sellers.

Read more: https://www.nytimes.com/2024/05/12/arts/design/will-auctions-revive-art-market.html

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